AIA Urges Congress to Reauthorized Ex-Im Bank
ARLINGTON, Va. (AIA PR) — With the news today that a $1.1 billion order for Boeing jetliners by a South African airline is at risk of cancellation, and the recent announcements of three lost U.S. commercial satellite sales, it is clear that the failure of Congress to re-authorize the U.S. Export-Import Bank is causing the American aerospace industry to lose ground against its foreign competitors, and potentially thousands of workers to lose their jobs.
U.S. companies large and small have been telling members of Congress for months now that overseas customers are going to buy from foreign competitors in the absence of ExIm Bank financing. This is because our industry faces direct competition from other countries that also offer credit financing. By having our own credit financing, we had a level playing field to compete – and when the playing field is level, no competitor stands against the quality of a U.S. made aerospace product. It is incredibly frustrating that all of our warnings have been ignored, and that an ideologically extreme minority can force delay and inaction.
The purchase and payment lead times in our industry are long, and the clock is ticking. The price for delay of the vote to re-authorize the ExIm Bank is going up every second, and our nation will ultimately bear the cost. Hold the vote and reauthorize the Export-Import Bank!
4 responses to “AIA Urges Congress to Reauthorized Ex-Im Bank”
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Time the Ex-Im Bank was privatised by floating it on a stock market. The functions and duties of a commercial organisation are incompatible with the operations of a government department.
If the market sees no profit in financing these purchases, why should we subsidize them?
” This is because our industry faces direct competition from other countries that also offer credit financing.”
Because they do crony capitalism, we should?
Well, we can let that industry die here then the knowledge and expertise of how to do things then fall further and further behind as our best and brightest leave to go to other countries like people do by going to here from others.
How about this. No more crony capitalism but instead pull out of all of the BS free trade agreements which have destroyed our ability to do anything as everything else goes over seas to the cheapest area then the next and next as other nations finance the jobs ever onward.
The problem is that just because you stick your nose in the air and say, “look I am better!” doesn’t mean the other guy has to. Instead you just made it easier to slit your throat.
That’s always been the problem in the belief in a magic completely free market…its imaginary. As long as one guy agree’s to finance the money and someone will take it it can’t be free.
It’s in no danger of dying, strategic hysterics and hyperbole won’t make your points for you.
“That’s always been the problem in the belief in a magic completely free market…its imaginary.”
Having done it wrong, more or less, always in the past is no reason to keep on screwing up is it?